Updated Downtown
For Sale
$280,000
214 Morrison St, West Fargo, ND 58078
Two residential units offer a refreshed layout with convenient access to downtown West Fargo amenities.
Property Size2,128 SF
Price / SF$131.58
Days on Market125
Property Features for 214 Morrison St
General Information
Standard status
Active
Size
2,128 SF
Property subtype
Residential Income
Units
Unit Mix
2 x 3BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$2,976
Listing Agency:
Oxford Realty (FM)
(701) 793-8543
Listed By:
Marc Bushee
(701) 793-8543
Source:
Exprealty
Added: Apr 28
Changed: Aug 29
Last Checked: Aug 29 at 6:39PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Oxford Realty (FM)
Investment Insights
Based on property information with market context.
This duplex contains 2,128 square feet with six bedrooms and two full bathrooms overall. Each residence is configured with three bedrooms and one full bath, creating a straightforward two-unit layout. Improvements include replacement windows completed in 2021, a new roof installed in 2022, and additional interior updates made since 2021.
The property is situated in downtown West Fargo, minutes from Main Ave and nearby restaurants, shops, and local attractions. The separate-unit configuration supports either occupying one residence while leasing the other or renting both units, subject to applicable requirements and ownership plans.
The property is situated in downtown West Fargo, minutes from Main Ave and nearby restaurants, shops, and local attractions. The separate-unit configuration supports either occupying one residence while leasing the other or renting both units, subject to applicable requirements and ownership plans.
Key Highlights
- 2,128‑square‑foot duplex with 6 bedrooms and 2 full bathrooms
- Each unit includes 3 bedrooms and 1 full bath
- New windows completed in 2021
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$19,220
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.86%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$384,400
$384.4K
Cap Rate 7%
$274,571
$274.6K
Cap Rate 9%
$213,556
$213.6K
Market Conditions
NOI Build-Up for 2,128 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$29.4K $13.80/SF
− Vacancy
−$1.9K −$0.90/SF
EGI
$27.5K $12.90/SF
− OpEx
−$8.2K −$3.87/SF
NOI
$19.2K $9.03/SF
Area
Cass County, ND
Vacancy
6.50%
Lease Rate
$13.80 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$384,400
Cap Rate 7%
$274,571
Cap Rate 9%
$213,556
Alternative Uses
Best Use
Multifamily LT 5
$274.6K
$240.3K – $320.3K
NOI $19,220 @ 7.0% cap · market cap 6.86%
Second Best
Apartment 5plus
$251.4K
$219.9K – $293.3K
NOI $17,595 @ 7.0% cap · market cap 6.28%
Theoretical Best
Specialty Retail
$393.2K
$344.0K – $458.7K
NOI $27,521 @ 7.0% cap · market cap 9.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
480
Businesses Nearby
Explore this area
Business Placement
Demographics for 58078, ND
39,161
Population
16,416
Households
2.4
Avg Household Size
34
Median Age
45%
College-Educated
97%
High-School Grad
39.8 sq mi
ZIP Area
984
Density / Sq Mi
$97,206
Median Household Income
$51,208
Median Earnings
$1,073
Median Rent
$303,200
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two residential units offer a refreshed layout with convenient access to downtown West Fargo amenities.
Where is this duplex located?
The property is located at 214 Morrison St West Fargo, ND.
What is the asking price?
The asking price for this property is $280,000.
What are key features of this property?
This property features: 2,128‑square‑foot duplex with 6 bedrooms and 2 full bathrooms; Each unit includes 3 bedrooms and 1 full bath; New windows completed in 2021
